Technavio, a tech-focused market research firm, has published a new report on the global orphan drugs market, which is expected to grow at a CAGR of more than 10% during the forecast period 2017-2021.
Based on geographical segmentation, Technavio market researchers categorize the global orphan drugs market into the following key regions: the Americas, APAC, and EMEA.
Source: Technavio
Top three contributors for the global orphan drugs market are elaborated below:
Orphan drugs market in the Americas: The market for orphan drugs in the Americas is projected to experience rapid growth during the forecast period owing to the increasing government initiatives, which facilitate R&D activities and quick approvals of orphan drugs. During the forecast period, pharmaceutical and biotech companies are anticipated to focus increasingly on the development of new orphan drugs, subsequently fueling further growth of the market.
According to Barath Palada, a lead analyst at Technavio, specializing in research on infectious and rare diseases, “The FDA Office of Orphan Products Development (OOPD) has been created with a mission to facilitate the evaluation and development of products used for diagnosis and treatment of orphan or rare diseases. For fulfilling this task, the FDA OOPD evaluates the clinical data given by sponsors, to identify and designate the products that may be important for the treatment of rare diseases.”
Orphan drugs market in EMEA: Rising awareness about the treatment of rare diseases coupled with government initiatives toward orphan drug development and their quick approvals are the fundamental driving forces behind growth of the orphan drugs market in EMEA. In the European Union (EU), the application for obtaining orphan drug designation is reviewed by the COMP (Committee for Orphan Medicinal Products), unlike the US, where the US FDA OOPD reviews the application.
Orphan drugs market in APAC: The market for orphan drugs in APAC is anticipated to experience relatively slow growth due to the absence of a proper regulatory body for R&D on orphan drugs, lack of awareness about the treatment, and low reimbursement rates compared with other regions. Singapore, Japan, Australia, South-Korea, and Taiwan are likely to emerge as the key revenue contributors in the orphan drugs market in APAC by the end of the forecast period.
The leading vendors operating in the global orphan drugs market are:
- AbbVie
- Celegene
- F.Hoffmann La Roche
- Novartis
Other prominent vendors in the market include Amgen, Actelion, Alexion Pharmaceuticals, Bayer, Biogen, Bristol-Myers Squibb, Eli Lilly, Johnson & Johnson, Novo Nordisk, Pfizer, Sanofi, Shire, and Teva pharmaceutical.
A more detailed analysis is available in the Technavio report titled, ‘Global Orphan Drugs Market 2017-2021’.
Other related reports:
- Global Antiviral Drugs Market 2017-2021
- Global Muscle Relaxant Drugs Market 2017-2021
- Global Factor IX Deficiency Treatment Market 2017-2021
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